Core Viewpoint - Lao Pu Gold (06181) announced a share placement to raise approximately HKD 27.07 billion, primarily for inventory reserves, amid a decline in stock price [1] Group 1: Company Actions - Lao Pu Gold plans to place 3.71 million new H-shares at HKD 732.49 per share, aiming to raise about HKD 27.07 billion, with 70% allocated for inventory reserves [1] - The company previously placed 4.31 million H-shares in May, raising approximately HKD 26.98 billion [1] Group 2: Market Reactions - The stock price of Lao Pu Gold fell nearly 4% towards the end of trading, closing down 3.74% at HKD 669, with a trading volume of HKD 8.22 billion [1] - Citigroup's report indicates that the share placement aligns with market expectations, with investors focusing on the sufficiency of capital post-fundraising [1] Group 3: Financial Outlook - The company anticipates a stabilization in gross profit margin in the second half of the year following a 25% average price increase on new products, which exceeded expectations [1] - Free cash flow is expected to turn positive by 2026, as same-store sales growth slows and new store expansion decelerates [1]

花旗发表研报称，此次配股在市场预期之内，投资者核心关注点在于本次集资后资本是否充裕。随着同 店销售增长趋缓及新店扩张放缓，预期2026年自由现金流将实现转正。此外，老铺黄金新一轮产品平均 加价25%超预期。该行认为，在11月销售旺季前显着加价，反映公司已实现理想销售，亦预期下半年公 司毛利率在产品加价后回稳，并基于目前金价，预期明年毛利率复苏。 消息面上，10月22日，老铺黄金宣布拟以每股732.49港元配售371万股新H股，净筹约27.07亿港元，其 中70%将用于存货储备。公司解释称，由于从采购、生产到销售回款的周期长达数月，需提前备货以应 对销售旺季。据悉，今年5月，老铺黄金曾配售431万股H股，净筹资约26.98亿港元。 老铺黄金(06181)尾盘跌近4%，截至发稿，跌3.74%，报669港元，成交额8.22亿港元。 ...